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REGISTERED NUMBER: 08846976 (England and Wales)


















Unaudited Financial Statements for the Year Ended 31 March 2023

for

ACE Parfums Limited

ACE Parfums Limited (Registered number: 08846976)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


ACE Parfums Limited (Registered number: 08846976)

Balance Sheet
31 March 2023

31/3/23 31/3/22
Notes £    £   
FIXED ASSETS
Tangible assets 4 5,101 3,602
Investments 5 84,298 -
89,399 3,602

CURRENT ASSETS
Stocks 397,858 355,640
Debtors 6 428,617 257,138
Cash at bank and in hand 108,775 194,204
935,250 806,982
CREDITORS
Amounts falling due within one year 7 (1,005,983 ) (677,864 )
NET CURRENT (LIABILITIES)/ASSETS (70,733 ) 129,118
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,666

132,720

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 17,666 131,720
SHAREHOLDERS' FUNDS 18,666 132,720

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ACE Parfums Limited (Registered number: 08846976)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2024 and were signed on its behalf by:





Mr H Gandesha - Director


ACE Parfums Limited (Registered number: 08846976)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

ACE Parfums Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08846976

Registered office: Treviot House
186-192 High Road
Ilford
Essex
IG1 1LR

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on cost
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The balance sheet at the end of the year recorded net current liabilities. However, the director believes that sufficient financial resources are available to the company to enable it to continue trading into the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

Fixed asset investment
Fixed asset investment relates to watches held by the company as investments at historical cost less provision for diminution in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 1 ) .

ACE Parfums Limited (Registered number: 08846976)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 5,810
Additions 3,200
At 31 March 2023 9,010
DEPRECIATION
At 1 April 2022 2,208
Charge for year 1,701
At 31 March 2023 3,909
NET BOOK VALUE
At 31 March 2023 5,101
At 31 March 2022 3,602

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
31/3/23 31/3/22
£    £   
Other investments 84,298 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 17,308 5,467
Amounts owed by related party 364,941 133,645
Other debtors 46,368 118,026
428,617 257,138

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade creditors 196,141 255,326
Amounts owed to related party 493,352 165,007
Taxation and social security 238,718 233,145
Other creditors 77,772 24,386
1,005,983 677,864

ACE Parfums Limited (Registered number: 08846976)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 March 2023 and 31 March 2022:

20232022
£   £   

Amounts Advanced188,411123,555
Amounts Repaid(271,646)(91,373)


The loan to the director is repayable on demand. Interest is charged on loans at the official interest set by HMRC.